E Plant-Based: Promising Newcomer The Very Good Food Company Inc.

TM editors' note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence. 

The Very Good Food Company Inc. (CSE:VERY.CA; OTC:VRYYF), based in Canada (Victoria, B.C.), is an emerging plant-based technology company focused on developing, producing, and distributing plant-based meat alternatives and describes itself as a company that is “butchering beans, not animals.” Very Good Food Company (i.e. VGFC) went public in June of 2020 at C$0.25/share and is currently trading around at C$1.73 (US$1.32).

The Marketplace

  • According to Barclays, the alternative food industry is expected to reach $140 billion over the next decade, which would account for 10% of the global meat industry and,
  • according to BIS Research, the plant-based food and beverage alternatives market is expected to reach $80.43 billion by 2024, with a CAGR of 13.82% from 2019 to 2024. 

While the plant-based protein industry has received high levels of attention due to consistency of products, lower production costs, and benefits in environmental sustainability it has, however, struggles due to undesirable flavors and sub-par nutritional values

Its Origins

VGFC started off as a small shop serving its local community in 2016, opened the first plant-based butchery in 2017 called the “Very Good Butchers” and has since been growing rapidly.  

Its Sales Model

  • VGFC generates revenues through:
    • 200+ retailer and restaurant customers,
    • an eCommerce store (see here) with 700+ active subscribers for its monthly subscription plan,
    • and a wholesale program with 100+ active customers.
  • Its business is currently concentrated in Western Canada but has plans to expand its retail presence
    • to Central/Eastern Canada later this year,
    • into the U.S. early next year
    • and into Europe and Asia after that.
  • To meet the expected demand they are scaling up production capabilities with:
    • the opening of a second processing facility in B.C. which should be operational by the end of 2020
    • and the rental of a strategically located California production facility.
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William K. 4 months ago Member's comment

An interesting article about an interesting product and the company producing it. Certainly there appears to be some market for the product, which is always a requirement for success. The long term is less clear because the ultimate market may not expand as much as is hoped.